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Author Topic: How to mine directly to a bank account. Crypto mining payout automation to fiat  (Read 56 times)
SKLord
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April 24, 2018, 11:00:10 AM
 #1

As the topic says, I think we all thought about it ones. I thought it would be a cool idea to simply mine crypto and get payout to your bank in fiat, all automated, not manually.
I understand that I can mine directly to Coinbase and Coinbase have something called instant exchange that automatically exchanges any bitcoins/Alts that you deposit to fiat.

My idea is that I could have a automated fiat payout from Coinbase to my Bank Account (I believe the merchant option is built like that? Am I wrong?)


Basically

Crypto Miner -> Auto Exchange Crypto to Fiat -> Auto Send Fiat to Bank

I cant find any information on the internet!

Any suggestions? Grin Grin Grin
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ccgllc
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April 24, 2018, 08:13:26 PM
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Most Exchanges ask you NOT to mine directly too them.  Its too much overhead and indirect control I guess (you don't see a deposit, but you don't control the wallet it came from... makes it a finger pointing exercise for you - a headache for them)

Pretty sure I would NEVER do this since I would become a slave to the current price.  I normally sell BTC 3-4 times a month from my mining operation (to pay the bills!), I skipped almost all of March and most of April until BTC > $8500.  Just held them for a few weeks to wait for the dip to correct.  If I auto-sold, I would have been feeding that price decline - not good for my pocketbook, not good for the price of Bitcoin.

I mine bitcoin for a living, and I mine at Kano.is!
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teddy5145
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April 25, 2018, 02:47:12 AM
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as ccgllc says, it's a bad idea to sell your coins automatically after mining.
Most miners chose to hold their coins for a set period of time or until the price has reached certain point, especially now that we are in Bear Trend and the price has risen a few hundreds dollar in the last few days.
But, no one restricts you from doing that, if you really need to automatically sell your coins you can set your exchange address as your mining pool withdraw address, and then turn on auto sell on exchange.
I don't know what exchange supports this option but I know that there are exchange with this option supported Smiley
They will sell your coins automatically the moment it reaches your exchange wallet to the current price available.

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April 25, 2018, 02:53:05 AM
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Coinbase will do it:
https://support.coinbase.com/customer/en/portal/articles/2021569-instant-exchange
-Dave
Melvin Narag
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April 25, 2018, 07:56:10 AM
 #5

I don't advice process like that to you since it will become bot working and sometimes you'll lose your profit if your mining account will just send the BTC to exchange and will send it to your bank account, like during the dip period.

And today bank are not supporting direct transactions with cryptos so its a no.
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